Shares of Best Buy Co Inc (NYSE:BBY) have earned a consensus rating of “Buy” from the twenty-three analysts that are covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have issued a buy rating on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $99.79.
A number of research firms have recently commented on BBY. Nomura cut their price objective on shares of Best Buy from $85.00 to $84.00 and set a “neutral” rating for the company in a research report on Friday, May 22nd. Piper Sandler lifted their price target on Best Buy from $112.00 to $127.00 and gave the company an “overweight” rating in a research report on Thursday, August 13th. Morgan Stanley boosted their price objective on Best Buy from $85.00 to $120.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 26th. Guggenheim raised shares of Best Buy to a “buy” rating in a research note on Wednesday, August 26th. Finally, Oppenheimer started coverage on shares of Best Buy in a research note on Thursday, May 21st. They issued a “buy” rating and a $105.00 price target for the company.
Best Buy stock opened at $106.31 on Friday. The firm has a market capitalization of $28.14 billion, a P/E ratio of 17.15, a PEG ratio of 1.79 and a beta of 1.64. Best Buy has a one year low of $48.10 and a one year high of $119.48. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.06 and a quick ratio of 0.65. The business has a fifty day moving average price of $103.47 and a 200-day moving average price of $82.33.
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Best Buy (NYSE:BBY) last issued its quarterly earnings data on Tuesday, August 25th. The technology retailer reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.62. The business had revenue of $9.91 billion for the quarter, compared to analysts’ expectations of $9.79 billion. Best Buy had a return on equity of 48.82% and a net margin of 3.75%. The firm’s quarterly revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 EPS. Sell-side analysts expect that Best Buy will post 7.12 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 6th. Shareholders of record on Tuesday, September 15th will be paid a $0.55 dividend. This represents a $2.20 annualized dividend and a yield of 2.07%. The ex-dividend date is Monday, September 14th. Best Buy’s dividend payout ratio is presently 36.24%.
In other news, CAO Mathew Watson sold 5,677 shares of the stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $112.58, for a total transaction of $639,116.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Whitney L. Alexander sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $98.42, for a total transaction of $885,780.00. The disclosure for this sale can be found here. Insiders have sold 840,389 shares of company stock worth $74,331,990 over the last ninety days. Insiders own 0.64% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Best Buy by 6.0% in the 2nd quarter. Vanguard Group Inc. now owns 29,346,566 shares of the technology retailer’s stock worth $2,561,075,000 after buying an additional 1,662,640 shares during the period. BlackRock Inc. boosted its holdings in Best Buy by 4.4% in the first quarter. BlackRock Inc. now owns 18,601,382 shares of the technology retailer’s stock valued at $1,060,278,000 after acquiring an additional 783,926 shares in the last quarter. AQR Capital Management LLC increased its position in Best Buy by 15.7% during the 2nd quarter. AQR Capital Management LLC now owns 4,680,402 shares of the technology retailer’s stock valued at $406,540,000 after purchasing an additional 636,272 shares during the period. Janus Henderson Group PLC increased its position in Best Buy by 26.6% during the 1st quarter. Janus Henderson Group PLC now owns 3,899,726 shares of the technology retailer’s stock valued at $222,287,000 after purchasing an additional 819,725 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Best Buy by 2.8% in the 1st quarter. Geode Capital Management LLC now owns 3,820,116 shares of the technology retailer’s stock worth $217,385,000 after purchasing an additional 105,152 shares in the last quarter. Institutional investors own 78.92% of the company’s stock.
About Best Buy
Best Buy Co, Inc operates as a retailer of technology products, services, and solutions in the United States, Canada, and Mexico. The company operates in two segments, Domestic and International. Its stores provide Computing and Mobile Phones, such as computing and peripherals, e-readers, networking products, tablets, and wearables, as well as mobile phones comprising related mobile network carrier commissions; consumer electronics, including digital imaging, health and fitness, home theater, portable audio, and smart home products; and entertainment products consisting of drones, movies, music, and toys, as well as gaming hardware and software, and virtual reality and other software products.
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